#81
#82

levoydpage posted:

...make bitcoin funnier scarier

#83
Bitcoin is the number one currency of online drug and gun sellers, why wouldn't it be popular with cybernazis? The stuff about the ideological foundations of bitcoin is interesting but doesn't really have anything to do with its adoption by right wingers who have been pushed into the arms of alternative currency by circumstance.
#84

Petrol posted:

Bitcoin is the number one currency of online drug and gun sellers, why wouldn't it be popular with cybernazis? The stuff about the ideological foundations of bitcoin is interesting but doesn't really have anything to do with its adoption by right wingers who have been pushed into the arms of alternative currency by circumstance.

yeah people tend to get their causality backwards on these things sometimes. bitcoin technology doesn't have an abstract telos of fascist ideology (because teleology isn't real fuckersss,) it has material causal relationships to fascist subjects and pressures. it's still a train wreck fueled by harmful politics, but the distinction is important.

#85
more like bitCON amirite aye lmao qtiyd
#86

tears posted:

qtiyd

i haven't seen this in years quote

#87

tears posted:

more like bitCON amirite aye lmao qtiyd

#88

tears posted:

more like bitCON amirite aye lmao qtiyd

#89
bitcon would be a disaster because the whole point of bitcoin is you dont have to leave the house or interact with humans but they get nerds out of the house for comiccon so what do i know
#90
#91
So like almost no one has been able to actually make good on these skyrocketing rates, right? Correct me if I'm wrong but it's very difficult to cash bitcoin out? Where are the thousands of brand new billionaires who bought a couple hundred in 2011 and forgot about it?
#92
You have to find someone irl willing to meet up with you and hand you a briefcase with $10,000 cash haha https://localbitcoins.com/ Otherwise when you try to get a wire transfer from coinbank dot com or whatever, it takes like 48 hours, during which the price fluctuates wildly, and they charge like 10% Also every transaction decreases the value of the currency, and the only reason it's worth anything is no one is spending it #93 currently you can cash out for cold hard obsolete fiat currency through coinbase (based in san francisco) or gemini (which is run by the winklevoss twins). the former charges a 1.49% or$1, whichever higher, to buy coin, free to withdraw to a bank account while gemini is an exchange that charges .25% per trade but its free to deposit and withdraw. they both adhere to bank secrecy laws and anti-money laundering regulations so you can bet they will report any money you take out to the IRS.

so far coinbase crashes hard whenever there's a volatile price change and processing times have been super long. but let's say over the past week you put like a grand in, for example, litecoin when it was at $100 then withdrew it at$300 then yeah you made more or less two g's of actual money. the people who bought in awhile ago and have been smart enough to cash out now have been buying cars and houses. anyway i'm broke this month so i remain, as always, a fiat cuck with 9 bucks in my checking account.

Edited by aerdil ()

#94
[account deactivated]
#95

rolaids posted:

So like almost no one has been able to actually make good on these skyrocketing rates, right? Correct me if I'm wrong but it's very difficult to cash bitcoin out? Where are the thousands of brand new billionaires who bought a couple hundred in 2011 and forgot about it?

yeah, nazis have made out pretty well. i saw something that weev (american nazi that lives in ukraine) has cashed out more than a million (ed: overall, i know the thing above says about 100k since august), which i believe. but yeah it's physically impossible to convert a "bitcoin billion" into a real billion without crashing the value of that same billion in the process. at smaller values, sure, people have definitely realised substantial profit from it

Edited by vykromond ()

#96
this thread where y'all ooze with jealousy of your political opponents is really neat and cool
#97
i think it's important to be clear eyed about it and not just think it's something totally fake or hypothetical happening in some world that i don't have to care about
#98
I've come to see this thread as the best barometer of this site's depression levels as you curse and cry month after month for not winning big in Vegas
#99

vykromond posted:

i think it's important to be clear eyed about it and not just think it's something totally fake or hypothetical happening in some world that i don't have to care about

you absolutely don't have to care about it and you're probably dwelling on it because of unrelated things in your life that make you unhappy

#100
huh. TIL.
#101
cars don't hurt them
#102

cars posted:

this thread where y'all ooze with jealousy of your political opponents is really neat and cool

to be honest i ooze with jealousy at everyone, friend or enemy

#103
[account deactivated]
#104

tears posted:

i just think there's space for more than just "bitcoin bubble lol", because its actually quite interesting and since its market cap is around 250 billion now, with around 20billion trading volume/24h.

this is the only good thing i have ever read about this, because sam williams lays out why it is neither currency nor commodity but digital collectable, and still they dont talk at all about the energy consumption that is required to produce and trade them which is currently at 32.5TWh, which feels like an oversight: https://critiqueofcrisistheory.wordpress.com/bitcoins-and-monetary-reform-in-the-digital-age/

yes, its me, the person who cares about the bitcoin

yeah it's really go--

Suppose we modify the Bitcoin program so that it would in a one-time operation replace all of today’s credit money with bitcoin token money. The problem would then be that there would not be enough gold in the world to support the existing value of the bitcoins. The bitcoins would dramatically fall in value against gold. Once they stabilized at their new lower value, there would not be enough monetarily effective demand to maintain anything like the current levels of industrial and agricultural production. The world economy and indeed the human population would collapse to a much lower level as unbelievable levels of unemployment and mass starvation swept across the planet.

if everyone who had fiat currency started to trade it in for bitcoins, it would be a gradual replacement through which people would start accepting some fixed nominal amount of bitcoins for a commodity rather than a fixed nominal amount of fiat currency, and eventually there would be some settled concept of the value of gold denominated in bitcoins.

there is no way even in some kind of thought experiment world to "replace all of today's credit money with bitcoin token money", that isn't how currency or exchange works, of course it leads to absurd conclusions.

"there would not be enough gold in the world"??? does the author mean that the nominal value of all bitcoin in a (which one?) now-defunct fiat currency would be greater than the value of gold in that now-defunct fiat currency? in the same thought experiment where all fiat currency is replaced with bitcoin? that is not how prices work. surely this is self-evident.

it seems like this person is really just arguing that welp Keynes was right about everything. maybe he was, I don't know, but the "lever" of adjusting the rate of money creation in the economy has completely detached from the control of the central banks. when the central bank rates hit 0 in 2009 it was the complete abdication of the state; the commercial banks have been able to create any money they want since then, as long as they can vaguely gesture at something nice and reassuring that Moody's has written about their capital-r Risk, calculated using whatever is trendy at the moment. investment going into bitcoin is just a continuation of the trend of putting state economic control in the garbage in favour of Truly Unbridled Capitalism.

so yeah of course it's going to be horrible and we're all going to choke and die on cyberpunk slurry but not because of some weird thing about there being not enough bitcoins to pay for the gold or .. whatever.

#105
[account deactivated]
#106
[account deactivated]
#107

vykromond posted:

i saw something that weev (american nazi that lives in ukraine) has cashed out more than a million (ed: overall, i know the thing above says about 100k since august), which i believe.

Protip: if you hear anything that makes weev sound successful in any way, you probably shouldn't believe it

#108
[account deactivated]
#109

drwhat posted:

tears posted:

i just think there's space for more than just "bitcoin bubble lol", because its actually quite interesting and since its market cap is around 250 billion now, with around 20billion trading volume/24h.

this is the only good thing i have ever read about this, because sam williams lays out why it is neither currency nor commodity but digital collectable, and still they dont talk at all about the energy consumption that is required to produce and trade them which is currently at 32.5TWh, which feels like an oversight: https://critiqueofcrisistheory.wordpress.com/bitcoins-and-monetary-reform-in-the-digital-age/

yes, its me, the person who cares about the bitcoin

yeah it's really go--

Suppose we modify the Bitcoin program so that it would in a one-time operation replace all of today’s credit money with bitcoin token money. The problem would then be that there would not be enough gold in the world to support the existing value of the bitcoins. The bitcoins would dramatically fall in value against gold. Once they stabilized at their new lower value, there would not be enough monetarily effective demand to maintain anything like the current levels of industrial and agricultural production. The world economy and indeed the human population would collapse to a much lower level as unbelievable levels of unemployment and mass starvation swept across the planet.

if everyone who had fiat currency started to trade it in for bitcoins, it would be a gradual replacement through which people would start accepting some fixed nominal amount of bitcoins for a commodity rather than a fixed nominal amount of fiat currency, and eventually there would be some settled concept of the value of gold denominated in bitcoins.

there is no way even in some kind of thought experiment world to "replace all of today's credit money with bitcoin token money", that isn't how currency or exchange works, of course it leads to absurd conclusions.

"there would not be enough gold in the world"??? does the author mean that the nominal value of all bitcoin in a (which one?) now-defunct fiat currency would be greater than the value of gold in that now-defunct fiat currency? in the same thought experiment where all fiat currency is replaced with bitcoin? that is not how prices work. surely this is self-evident.

it seems like this person is really just arguing that welp Keynes was right about everything. maybe he was, I don't know, but the "lever" of adjusting the rate of money creation in the economy has completely detached from the control of the central banks. when the central bank rates hit 0 in 2009 it was the complete abdication of the state; the commercial banks have been able to create any money they want since then, as long as they can vaguely gesture at something nice and reassuring that Moody's has written about their capital-r Risk, calculated using whatever is trendy at the moment. investment going into bitcoin is just a continuation of the trend of putting state economic control in the garbage in favour of Truly Unbridled Capitalism.

so yeah of course it's going to be horrible and we're all going to choke and die on cyberpunk slurry but not because of some weird thing about there being not enough bitcoins to pay for the gold or .. whatever.

uh, like read the first chapter of capital or something

#110
damn that is a powerful own, sorry
#111

cars posted:

this thread where y'all ooze with jealousy of your political opponents is really neat and cool

also i reject this rude accusation, everyones started being rude to each other again, guess were into the rude bit of the rhizzondratieff wave, hell even im being rude, time to own some scrubs

#112
people were starting fun conversations yesterday in the scifi thread but then came the shitposts
#113
those conversations were bad and should be grateful they were put out of their misery
#114

shriekingviolet posted:

those conversations were bad and should be grateful they were put out of their misery

tears posted:

also i reject this rude accusation, everyones started being rude to each other again, guess were into the rude bit of the rhizzondratieff wave, hell even im being rude, time to own some scrubs

i see what u did there

#115
The amazing thing about forums is that you can have several conversations and even shitposts coexisting in the same thread. Just a tip from your forums pal, Petrol.
#116
shitposts eat forums from within, parasitic on good faith posts
#117
What's shit posting again?

All my posts are shit posts made in good faith.

Like, I'm vain and I like tHE rHizzonE... I'm also a bit behind people on some world history specifics, if you catch my lumpen-drift.

I'd really like to make some original research effort posts, but, I'm still attempting to get acquainted.

#118
posting to draw attention to yourself at the expense of an ongoing conversation

i'm on other forums with shitposter problems and it's exhausting.

good faith posts can exist without shitposts but shitposts cannot exist without enough good faith posts to interrupt and mock. imo.
#119
There is a place for both. I don't think this forum has a serious problem because all the really malicious shitposters have been ejected over time
#120

cars posted:

this thread where y'all ooze with jealousy of your political opponents is really neat and cool

Somefucky didn't win that scholarship to attend The University of the Difference Between Envy and Jealousy